Whales Accumulate 50,000 BTC Worth $3.15B as Bitcoin (BTC) Price Corrects

The past few days have been turbulent for Bitcoin (BTC), with the leading cryptocurrency experiencing a decline of roughly 8% since September 29. By Wednesday noon, it was trading

Bitcoin price dropped below $62,000 on Wednesday, September 29, as the cryptocurrency faced selling pressure following a rally that saw BTC price reach highs of $66,200 late last week.

However, on-chain data shows that this dip is being used by whales to accumulate more Bitcoin, with recent analysis indicating that large addresses have scooped up over 50,000 BTC in just ten days.

According to data from Glassnode, this buying spree began around September 18, coinciding with a market downturn that followed Bitcoin’s peak at $66,200 on September 27.

Since then, BTC price has experienced a downturn of roughly 8%, while major investors have taken advantage of the lower prices to accumulate more of the leading cryptocurrency.

As of Wednesday, September 29, large addresses now hold a total of 13.1 million BTC, marking an increase of 0.38% in just ten days.

Meanwhile, smaller addresses, defined as those holding less than 1,000 BTC, have seen a collective decrease in their holdings over the same period.

This trend suggests that smaller investors are selling their BTC holdings to realize profits or to cover losses amid the recent price correction.

Overall, on-chain data indicates that whales are capitalizing on the market downturn to increase their Bitcoin holdings, while smaller investors are largely selling amid the price correction.

As reported, crypto exchange Binance saw a net outflow of 20,000 BTC on Monday, September 27, which could be linked to investors moving their BTC holdings to other wallets or exchanges.

However, on Tuesday, September 28, crypto analytics firm 10x Research suggested that this recent pullback was a natural correction after Bitcoin was overbought.

“The crypto market is undergoing some significant shifts. While short-term concerns have been evident, larger trends may soon overshadow them,” the analysts wrote in a tweet.

“We’ve held a bullish view for the past three weeks, capturing the rally from $54,000. Although BTC has yet to break through the downtrend, we believe it’s only a matter of time before it does.”

Other analysts also maintain a bullish outlook for Bitcoin as it heads into the year’s final quarter. Some, like Swyftx analyst Pav Hundal, believe that a return to an all-time high (ATH) of around $100,000 is feasible but hinges on favorable market conditions.

Hundal noted that a more realistic target could be within the $75,000-$80,000 range by Christmas, especially if BTC breaks above the $70,000 mark.

“If we do get a strong breakout above $70,000, I think we’ll quickly move into the mid-$70,000s, and then who knows from there. Maybe we’ll finally reach the much-anticipated seven-figure ATH before the year is out,” he said.

“Personally, I think a more realistic target for BTC before Christmas would be around the $75,000 to $80,000 range, which would still be an incredible return for anyone who bought the recent dip.”

Historical data further supports this optimism, indicating that October is typically a strong month for Bitcoin, with an average historical increase of around 23%.

“Historically, BTC kicks off a parabolic bull run every October following the halving,” veteran crypto analyst Ali Martinez noted in a tweet on Tuesday.

“After the March 2020 COVID bottom, BTC rose 2,450% to a new ATH. Post-March 2024 halving, October could set the stage for the final leg up.”

However, veteran analyst Peter Brandt cautioned that the recent rally has not disrupted Bitcoin’s ongoing pattern of lower highs and lower lows.

“The recent rally in Bitcoin did NOT disturb the 7-month sequence of lower highs and lower lows. BTC Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force,” he tweeted.

Moreover, pseudonymous analyst Marty Party shared insights on the Bitcoin market, referencing an updated Wyckoff accumulation pattern.

“This is the updated Bitcoin Wyckoff accumulation schematic. If BTC breaks through the $71,480 to $66,554 supply zone, I think we’ll see a collective sigh of relief and a quick move into the $77,700 to $85,000 phases,” he wrote in a recent tweet.

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